Tag Archives: Facebook

Facebook Posts Help Credit Bureaus Sniff Out Fraudsters

Credit bureaus and payment companies are testing ways to use social media — say, a Facebook Inc. (FB) post about a recently purchased Corvette — to verify a person’s identity and even assess consumer creditworthiness.

Equifax Inc. (EFX), EBay Inc. (EBAY)’s PayPal and Intuit Inc. (INTU) have begun trials to see whether social posts can help prove identities, and, in some cases, detect whether customers are lying about their finances.

Users of Facebook, Pinterest Inc. and Twitter Inc. share personal details every day through public postings, status updates and location check-ins. That information is proving useful in validating identity, evaluating whether to make a loan and sniffing out fraud that cost U.S. online retailers $3.5 billion last year, according to CyberSource Corp. EBay set aside $580 million, or 4.1 percent of net revenue, to cover transaction and loan losses last year. Continue reading

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Facebook To Give It’s Employees Facebucks

Summary: Facebook is planning to give its employees Facebucks: specialized credit cards good for use at local businesses. It’s all part of the social networking giant’s move to Menlo Park.

In February, Facebook plans to launch a new program called Facebucks, which essentially gives the company’s employees specialized credit cards good for use at local restaurants, bookstores, and other businesses. 50 of the company’s employees participated in a trial run last month. Continue reading